Bullish volatility is on the rise, and numerous coins have broken out to new all-time highs as a result of the current bullish momentum. Bulls grabbed control of the price movement after hitting a low of $4,283 in the early morning hours of Nov. 2 and boosted Ethereum price to a new all-time high of $4,523.
Following initial selling pressure, the crypto market has had a quiet start to the month. Bitcoin (BTC) is now trading at USD 62,980, up 1.9 percent on the day. The price of Bitcoin was able to break through the $62,500 barrier level against the US Dollar. If cryptocurrencies continue to gain traction in the short term, BTC may correct lower.
Bitcoin Price Analysis:
To bring the first significant resistance levels at $64,806 and $65,000 into play, Bitcoin would have to prevent a collapse through the pivot at $62,734.
However, for Bitcoin to break out from its morning high of $63,565.0, it will need support from the rest of the market.
If a crypto rally does not last long, the first significant hurdle and resistance at $65,000 will likely cap any further gains.
Before any reversal, Bitcoin might hit resistance at $68,000 in the event of another extended gain. $66,364 is the second significant barrier level.
If the price falls below the pivot at $62,734, the first significant support level at $61,176 will be tested. BTC Price should avoid falling below $60,000 unless there is a sustained sell-off during the afternoon. $59,104 is the second significant support level.
Bitcoin has increased by more than 50% in the last month and has increased by 450 percent in the last year. Analysts have boosted their expectations for the asset as a result of its performance, believing it may hit $100,000 by the end of the year.
PlanB’s S2F model sends the Bitcoin on a Moon trip
PlanB to nail down its forecast for November at USD 98,000. Hodlers will have to wait a little longer for the $100k but not too long either. For December, PlanB is forecasting an increase to 135,000 US dollars.